BNP Paribas REIM has acquired an office park in Madrid for almost €63 mln.
The vendor in the transaction was DWS, the asset management arm of Deutsche Bank.
It paid €44.3 mln for the property in 2016, holding it in the Trajano Iberia Socimi investment trust.
Located at Manoteras, the 13,500 m2 building is fully let to international software company, Sopra Steria.
It is situated next to the M-30 and A1 near the Telefonica and BBVA headquarters.
Investors are increasingly buying into Madrid’s office segment for its rental growth, with average rents still below the peak in both central business disricts and submarket locations. Vacancy is also falling.
PropertyEU’s sister-title EuroProperty reported that DWS sold an office building in Lisbon’s prime office park district Parque das Nacoes at a record yield, recently.